News
News affecting Many Small Businesses
- In September 2023, the Internal Revenue Service (IRS) announced the issuance of a moratorium on the processing of new Form 941-X amended returns that contain Employee Retention Tax Credit (ERC) claims through December 31, 2023.
- On January 31, 2024, the House voted to approve The Tax Relief for American Families and Workers Act of 2024 (the Act), which, among other things, would significantly move forward the deadline for the Employee Retention Credit (ERC) claim submissions date to January 31, 2024.
- Our connections are currently reviewing the Voluntary Disclosure Program that the IRS announced on December 21, 2023 to determine how we can assist clients who want to pay back the money they received after filing an ERC claim. We will work directly with those clients to support them through this process ahead of the March 22, 2024 deadline.
- It is very important for you to have documentation needed to support the ERC claim. Link to documentation needed. Link to FAQ about the ERC. https://www.irs.gov/coronavirus/frequently-asked-questions-about-the-employee-retention-credit#qualifying
- July 26, 2024, IRS issues more warning signs of incorrect claims for the ERC. https://www.irs.gov/newsroom/irs-shares-more-warning-signs-of-incorrect-claims-for-the-employee-retention-credit-urges-businesses-to-proactively-resolve-erroneous-claims-to-avoid-penalties-interest-audit
- How Taxpayers Can Respond to Notices of Claim Disallowance on their ERC Claim - (irs.gov)
- Hurricane Helene | U.S. Small Business Administration (sba.gov)